Buy Car Weekly Payments
With our E Z Rent-to-Own program, 100% of your full bi-weekly payments go toward the purchase of the vehicle. You can either call in with your credit/debit card for payment or stop in at one of our 2 convenient locations.
buy car weekly payments
Use our interactive web calculation tool which shows how much your bi-weekly car payments will be and how much interest you will pay on your loan. Current local auto loan rates are published in a table below the calculator.
We all know that it takes hard work and dedication to focus on paying off debt. One almost painless way to speed up the process is to make bi-weekly payments instead of monthly payments. There are 52 weeks in the year which provides 26 bi-weekly payments. This is equivalent to 13 monthly payments, or essentially one extra payment a year. Check with your lender if this is possible and make sure your loan does not have a prepayment penalty. If your lender does not offer this option or charges a fee, you can always opt to do it yourself for free. Simply add an extra 1/12 of a car payment to your regular payment and apply it to principal.
While you're at it, why not just round up your monthly payments. If your payment is $268 round it up to $300 and the extra amount will add up to more than an extra payment a year. Instruct your lender to apply the extra to principal or they will automatically apply it to interest.
They say owning a house is the American dream, but I say the American dream also includes some wheels. Unfortunately, for many of us, the only way to own a car is via a car loan. We just can't save enough or can't save it fast enough. But owing money on a car is like taking one step forward and two steps back because it's an asset that depreciates in value. (Here's a helpful infographic on car depreciation.) Mortgage debt is the opposite. If a home is well maintained it will increase in value over the years. Cars lose value every year, so the faster you pay that loan off the better! Don't even think about a loan for 84 months (7 years)! "Why not you ask?" "The payments are so much lower," you say... Yes, but you must look at the bigger picture. How much are you actually paying for those lower payments?
Car dealerships that allow you to make payments either weekly or bi-weekly, depending on when you get paid, do exist. They're most commonly referred to as buy here pay here (BHPH) car dealers, or you work you drive lots, and they can be a real advantage if you need a vehicle fast. But, proceed with caution. Sometimes, what seems like a great deal at first can cost you more than you bargained for in the long run.
Of course, there are disadvantages to using you work you drive dealerships. One of these is the fact that not all of them report loans or on-time payments to the credit bureaus. Because they don't need to pull your credit, they often don't feel the need to report it, either. Bear in mind that's not always the case, as more and more BHPH dealers are realizing the importance of reporting your payments.
The interest rates on buy here pay here loans are also typically higher than average. Even though it may seem like you're getting a good deal by being able to pay on a weekly basis, you accrue a lot of interest charges over the course of your loan this way. Interest charges accrue daily based on your loan balance, and weekly payments only decrease your balance a little at a time. Also, your payments typically need to be made in person. If you don't live or work near the car lot you purchased from, it may not be convenient to have to make that trip every week or two.
The amount of your car loan payments will also differ between both methods. Biweekly payments will typically be smaller amounts compared to monthly ones, but since biweekly payments are made more frequently the total paid each year will be greater.
However, if your goal is to pay off your car loan amount early, biweekly payments in combination with extra principal payments can really help speed things up. Determine how much you can afford to make an accelerated biweekly payment regularly. Factor this into your biweekly amount to save even more on interest payments and cut your repayment term down by months or even years.
Depending on your auto loan terms, switching to biweekly payments may not save you a ton of money, but it could save you some money in the long run. However, if your goal is to pay your car loan off as quickly as possible, you may want to consider refinancing instead, and making extra payments as well.
In 1923, Ford Motor Company launched the Ford Weekly Purchase Plan in response to the increasing popularity of buying cars on credit. Customers made payments to a bank in the amount of five dollars a week until they accumulated the price of a new Model T. It was unsuccessful because customers could just as easily open their own savings account.
Looking to save money on a car loan? You might consider making bi-weekly payments. Making a payment every other week, rather than once a month, can let you pay off your loan faster and save money on interest in the process. Most auto lenders allow you to do this without penalty or requiring any special approval or restructuring the loan. You simply make a payment every other week rather than once a month and the bank credits it to your loan. This Bi-weekly Payments for an Auto Loan Calculator will figure out just how much you can save and how much faster you can pay off your car loan by going to a bi-weekly schedule, and provide you with your bi-weekly payment as well. It'll also provide you with an amortization table so you can see just how quickly you'll pay down the loan and what your remaining balance will be at any given time.
Of course, making the equivalent of 13 monthly payments a year means you have to come up with the cash to make that extra annual payment. So this setup tends to work best for people who get paid every other week, rather than once or twice a month. These people get the equivalent of an extra paycheck a year, compared to their monthly bills, so the every-other-week cycle can work out very well for them.
Others can use the bi-weekly payment approach as well. Making payments every other week and being prepared for that occasional extra payment can be good financial discipline and eventually free up your money for other purposes.
This calculator is pretty straightforward. Begin by entering your anticipated date of your first payment, the loan amount, interest rate and length of the loan in months. You can also enter a monthly prepayment amount if you wish to make any additional regular payments to pay the loan off even faster.
When you hit "Show report" the calculator will produce an amortization schedule that will provide a month-by-month comparison of just how much faster you'd pay off your loan and how much interest you'd save with bi-weekly payments. (Because it's a month-by-month tally, it shows a larger monthly payment every six months to reflect the impact of biweekly payments).
The TFCU payment calculator below can help you see how much time and money you will save by making bi-weekly payments compared to monthly payments. If you experience problems with the calculator please contact a member service representative at 1-800-456-4828.
*CURRENT SALES PROMOTION ON SELECT VEHICLES DUE AT DELIVERY. ADDITIONAL DOWN PAYMENT OPTIONS AVAILABLE. Does not include tax, title or fees. Limited offer with approved credit on select vehicles at participating dealers. See participating dealer for details. Your down payment on other vehicles may vary. Sample deal: 40 monthly payments of $34.67 per $1000 financed at 21% APR. Your payment and interest rate may differ from the sample deal. Cannot be combined with other offers. Promotion expires the earlier of 90 days or the stated expiration date.
Biweekly payments are half of your monthly payment paid every 2 weeks. Because a year has 52 weeks, this works out to 26 biweekly payments. Since these payments are half the full amount of your monthly mortgage, they equate to 13 full payments.
As you can see from the example above, biweekly and monthly payments have some big differences: the number of payments you make, how long it takes to pay off your mortgage and the amount of money you end up paying on the loan.
As you can see from the example above, there are a few big differences between biweekly and monthly payments: the number of payments you make, how long it takes to pay off your mortgage and the amount of money you end up paying on the loan.
Paying your mortgage biweekly has its benefits, but it also comes with a few disadvantages to keep in mind. Take a look at your finances and consider these pros and cons before deciding which payment option is right for you.
Rocket Mortgage clients can now set up biweekly payments for free, helping save you money on interest. Learn more about the mechanics of switching your payment method to pay off your mortgage easily.
You can always commit to saving at a less burdensome pace than with biweekly mortgage payments. One way to do this is to make an extra payment at some point during the year, when the timing best suits you. This is known as an additional principal-only mortgage payment. Just make sure you clearly communicate with your lender that the additional payment is to be applied to your principal. Otherwise, it might be applied to your interest or even your escrow account. 041b061a72